Azenta, Inc. · NASDAQ:AZTA
Azenta — Brooks Automation — Q1 FY2010 Earnings Presentation
14 slides from Azenta's earnings presentation, Feb 5, 2010
Slide 1: 1st Quarter Fiscal 2010 Financial Results Conference Call
1st Quarter Fiscal 2010 Financial Results Conference Call Friday, February 5, 2010 10:00 a.m. ET
Slide 2: Safe Harbor Statement & Non-GAAP Financial Measures
Safe Harbor Statement & Non-GAAP Financial Measures “Safe Harbor” Statement under the U.S. Private Securities Litigation Reform Act of 1995; certain matters in this presentation, including forecasts of future demand and future Company performance, are forward-looking statements that are subject to r
Slide 3: Strong Ramp in our Business
Strong Ramp in our Business $millions Q4FY09 Q1FY10 Change Revenues $ 64.1 $ 106.2 $ 42.1 Gross Profit 11.9 26.2 14.3 Research & Development 7.1 7.5 0.4 SG&A 18.9 19.0 0.1 Operating Loss before Special Charges ($ 14.1) ($ 0.3) $ 13.8
Slide 4: End Market Trends
End Market Trends Q1 FY09 Q4 FY09 Q1 FY10 Semiconductor 70% 79% 85% Industrial 14% 9% 9% Other markets 16% 12% 6% Semiconductor OEMs continue to drive the ramp 2 OEM's represented greater than 10% of revenues in the quarter
Slide 5: Each of our Businesses are Operating to Model
Each of our Businesses are Operating to Model 4th Quarter Fiscal 2009 $ 64.1 ($ 14.1) Critical Solutions business growth 17.7 8.4 Systems Solutions business growth 22.3 5.2 GCO (Service) business growth 2.1 1.3 Expediting costs to support ramp (1.0) Stock compensation (0.8) Other 0.7 1st Quarter Fis
Slide 6: Adjusted EBITDA Recovery
Adjusted EBITDA Recovery Revenues 73.4 37.3 43.8 64.1 106.2 Adjusted EBITDA (20.3) (26.7) (17.2) (8.7) 5.6 Q1FY09 Q2FY09 Q3FY09 Q4FY09 Q1FY10 $ millions
Slide 7: Special Charges and Higher Taxes impact GAAP Net Income
Special Charges and Higher Taxes impact GAAP Net Income $ millions Q4FY09 Q1FY10 Comments on Sequential Trends Operating loss before Special Charges ($ 14.1) ($ 0.3) Special charges ( 0.5) ( 1.7) Restructuring adjustments and loss on liquidating investment Interest income, net 0.4 0.3 Short -term ca
Slide 8: Cash Growth with Effective Control of Working Capital
Cash Growth with Effective Control of Working Capital Growth Adjusted EBITDA $ 5.6 Restructuring cash flow ( 1.5) Net Interest income 0.3 Working capital support of ramp (3.0) Cash flow from Continuing Operations 1.4 Capital Expenditures ( 0.5) Currency and other ( 0.1) Net Change in Cash and Market
Slide 9: Critical Balance Sheet accounts
Critical Balance Sheet accounts $ millions September 2009 December 2009 Comments on Sequential Trends Cash and Marketable Securities 110.5 111.4 Accounts receivable, net 38.4 53.2 DSO improves by 9 days Inventories, net 84.7 89.8 Turns improve from 2.5 to 3.6 Accounts payable ( 26.4) ( 46.2) DPO mov
Slide 10: Critical Solutions Segment
Critical Solutions Segment $ millions Q4FY09 Q1FY10 Comments on Sequential Trends Revenues $25.5 $43.2 69% sequential revenue growth Gross Profit 6.9 15.8 Margins improve to 37% Operating Expenses 13.2 13.9 R&D increase in support of new initiatives Segment Operating Income (loss) ($6.3) $ 1.9
Slide 11: Systems Solutions Segment
Systems Solutions Segment $ millions Q4FY09 Q1FY10 Comments on Sequential Trends Revenues $24.8 $47.1 90% growth driven by Extended Factory Gross Profit 3.4 7.6 Mix impacts on the incremental gross margins Operating Expenses 7.5 7.3 Segment Operating Income (loss) ($4.1) $0.3
Slide 12: Global Customer Operations
Global Customer Operations $ millions Q4FY09 Q1FY10 Comments on Sequential Trends Revenues $13.8 $15.9 15% sequential growth Gross Profit 1.6 2.9 Favorable close out to a significant contract Operating Expenses 4.8 4.8 Segment Operating Loss ($3.2) ( $1.9)
Slide 13: Looking Forward
Looking Forward March quarter - At least 35% growth in revenues Significant Extended Factory mix profile continues to drive Systems Solutions growth Return on Sales consistent with the target model of 6.5% to 7.0%* * Operating profit before special charges as a percent of revenues
Slide 14: 1st Quarter Fiscal 2010 Financial Results Conference Call
1st Quarter Fiscal 2010 Financial Results Conference Call Friday, February 5, 2010 10:00 a.m. ET